Value is creating good for, improving the well-being and worth of ourselves and others. Value and value creation are natural to and basic in human behaviour and endeavour, and should be at the centre of our attention. Actors 1 (whether individuals or institutions) in the global ecosystem strive for value for themselves and their constituents. This article proposes a holistic value dominant logic (VDL) that exists universally and encompasses what happens during, before and after (outside) the business and social ecosystem. VDL looks at the needs perspective of the actors and the results of the actors. VDL describes value waiting to happen, how it can be recognized and developed (and its role is creativity and innovation) and how to prevent value destruction. Value, though considered important, has remained a result of the process in service exchange, with no major push on measurements and on conscious value creation. This article aims to put a bigger focus on value and its creation. VDL is based on a global ecosystem; on understanding what value is and how it is embedded in the ecosystem and how it impacts business and society, and beyond. Value addition and value creation are delineated. Eight principles of VDL are enunciated.

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The purpose of this article is fourfold. The first is to get practitioners and academics understand the value of a value destruction focus. How can it improve value creation? This is a brand new area that has not hitherto received much attention. The second is to get practitioners to use this thinking more actively in building their strategy, operational thinking, compliance thought process and regulatory and political (environmental and external) thinking. The third is to open up a new area of research for academics who work on various subjects where value creation is a goal or is important. Perhaps they can analyse past failures and come up with recipes for greater value creation and a process for analysis before committing to a path of action or they can find better processes for looking at, designing, developing or monitoring strategy, new products and services, new technologies and new operational thinking. What new tools can be developed to analyse or mitigate value destruction or simply foresee these? This should also open a debate and papers in Journal of Creating Value and perhaps lead to a special issue. What techniques can be used to change managerial mind-sets. Finally and fourth, the aim is to get away from reactive and 'after-the-fact' analysis to proactive value creation and reduce value destruction and learn from value destruction potential.

This paper outlines how value can be measured across four elements of the firm/stakeholder relationship beyond standard economic measures. It takes into account the perception of financial value along with non-financial benefits provided and received by the firm and its stakeholders. Focusing only upon the economic or financial outcomes of such relationships can lead to erroneous results as the money spent may not create value for the receiver, and could even do significant harm. The aggregation of views across different firms together with the perceptions of various stakeholders will allow for comparisons between firms and stakeholders. Applying this conceptual model will also reveal what is important to the firm versus what is important to the stakeholder. This paper proposes an improved approach to conceptualizing and measuring net value in which businesses can see if the value they provide exceeds the value they receive from stakeholders and vice versa.